Extension of time for deposit of capital gains in the Capital Gains Accounts Scheme, 1988

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....s in the Capital Gains Accounts Scheme, 1988. Under sections 54, 54B, 54D, 54F and 54G of the Income-tax Act, 1961, the capital gains earned by a taxpayer from the transfer of long-term capital asset is exempt from tax if the taxpayer complies with certain conditions. Under section 54(1), the capital gains arising from the transfer of a residential house is exempt from tax if the taxpayer has wit....

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....vernment for this purpose. A provision similar to sub-section (2) of section 54 was incorporated in sections 54B, 54D, 54F and 54G of the Income-tax Act, 1961, by the Finance Act, 1987. The Capital Gains Accounts Scheme, 1988, was notified in the Official Gazette on the 22nd of June, 1988. The Scheme applies to sections 54, 54B, 54D, 54F and 54G of the Income-tax Act, 1961. 2. To avail of the exe....